Deutsche Bank outlines ’Pennsylvania Plan’ for US

 Deutsche Bank (ETR:DBKGn)’s Head of FX Research George Saravelos has introduced a new concept called the "Pennsylvania Plan" to address America’s twin deficit problem.

The plan aims to find new buyers for US debt as America faces what Saravelos describes as "existential macroeconomic constraints" due to large fiscal deficits combined with a large external deficit and negative net foreign asset position.

According to Saravelos, the US recently "experienced a sudden stop in capital inflow" which forced a policy reversal on trade. While tightening fiscal policy would be the clearest solution, he notes there is no political willingness to do so.

The proposed Pennsylvania Plan has two main components. First, it acknowledges the need to reduce reliance on foreign buyers of Treasuries, who currently hold record-high exposure to US sovereign duration risk. This includes promoting dollar stablecoins backed by short-dated Treasury bills to accommodate shifting demand preferences.

Second, the plan calls for increasing domestic absorption of US duration risk through financial incentives and potential financial repression. This includes regulatory carve-outs of US Treasuries from banks’ supplementary leverage ratio requirements, tax advantages for owning long-dated treasuries, and possibly mandating greater Treasury buying by retirement plans.

Saravelos explains the core aim is "to engineer a historic rotation of US duration risk from external investors to the domestic sector." While this won’t solve the underlying twin deficit problem, it could buy time by deploying domestic US savings.

The plan would likely put upward pressure on US term premia and increase fiscal dominance threats through heightened financial stability risks. It would also make foreign capital more sensitive to Federal Reserve policy, potentially leading to dollar weakness.

Saravelos concludes that without willingness to improve the US fiscal position, the path of least resistance is for the administration to seek greater domestic funding, resulting in "a weaker dollar, upward pressure on term premium and a persistent pressure on the Fed to stay easy."

https://ng.investing.com/news/economy-news/forget-the-maralago-accord-deutsche-bank-outlines-pennsylvania-plan-for-us-1980125

Jewish New Yorkers furious over bizarre pro-Mamdani texts evoking Oct. 7 attacks: ‘Disgusted’

 Jewish New Yorkers were “stunned” and “disgusted” in the run-up to Tuesday’s mayoral primary by bizarre pro-Zohran Mamdani text messages claiming to come from a friend of a slain Oct. 7, 2023 terror attack victim.

The shady sender told a registered Democratic voter — who shared the texts with The Post — that they were an Orthodox Jew supporting Mamdani, a vocal critic of Israel and its war in Gaza.

“I want to go a bit off script for a second because I’m Jewish, wear a kippah every day, and I support Zohran,” the text said.

6

Jewish New Yorkers were “stunned” and “disgusted” after an individual shared text messages in favor of voting for Zohran Mamdani allegedly from someone who lost a friend in the horrific Oct. 7, 2023, terror attack.LP Media

“My friend Idan was murdered on October 7 at the Re’im music festival. The war is personal to me, as it is to many in our community. Idan believed in peace, just like Zohran does,” the June 12 message continued, invoking the memory of a murdered Israeli.

“He believed everyone should have access to affordable housing, good-paying jobs, and a life free of discrimination, just like Zohran,” it said.

The gobsmacking messages came after the Jewish voter responded to an initial text tagged with “Zohran for NYC” by arguing that Mamdani wouldn’t receive any votes from Jewish New Yorkers like them.

The voter said they were “stunned” and “disgusted” by the texts seemingly trying to exploit the memory of murdered Jewish people to drum up votes for Mamdani — who appeared to be running neck-and-neck with former Gov. Andrew Cuomo in the heated Democratic primary.

“It’s trying to normalize that other Jews are voting for him, that he’s for the Jewish people – even though everything he says is the opposite of that,” said the voter, an Upper East Side Democrat who backed Cuomo and Whitney Tilson in the ranked-choice contest.

6

6

6

The unknown sender claimed to be Jewish — and to have had a friend murdered on Oct. 7.

Who sent the texts and whether they were a dirty political ploy launched by one of Mamdani’s campaign rivals was unclear — as was whether they’re from a text bot or a volunteer.

It also wasn’t known how many New York City voters had received the messages.

Another New Yorker who received a text claiming to be from the Mamdani campaign answered the political pitch with the same response, explaining that he’s Jewish and received the exact same initial talking point in a subsequent message, as seen by The Post.

Mamdani has supported the boycott, divest and sanctions movement against Israel, pledged to arrest Israeli Prime Minister Benjamin Netanyahu if he sets foot in New York City and recently refused to denounce the “globalize the intifada” rallying cry that many view as a call to violence against Jewish.

He has repeatedly contended he’s not antisemitic.

A Jewish watchdog group blasted the pro-Mamdani texts.

6

The unknown sender said to a registered Democratic voter that they are an Orthodox Jew supporting Mamdani, who has been seen as a vocal critic of the Israel-Hamas war.

6

The voter who received the text messages was “disgusted” by the texts he received and opted to vote for Andrew Cuomo and Whitney Tilson in the ranked-choice voting system.IDF
“It’s unthinkable that New York City, with one of the largest Jewish communities anywhere outside of Israel, would be led by an antisemite like Zohran Mamdani,” said Liora Rez, founder and Executive Director of StopAntisemitism.

“Many Jew-haters pretend to care about marginalized communities while targeting the most marginalized community in history, the Jews.”

The idea of Jewish voters backing Mamdani was also “baffling” for Ami Horowitz, a conservative filmmaker in New York City, who characterized the text chain as “an FU to Jews.”

Mamdani’s campaign did not respond to The Post’s requests for comment.

https://nypost.com/2025/06/24/us-news/jewish-new-yorkers-furious-over-bizarre-pro-zohran-mamdani-texts-evoking-oct-7-attacks-disgusted/

Cuomo shockingly concedes to Mamdani : ‘He won. He deserves it’

 It’s a face-off between ex-New York Gov. Andrew Cuomo and Democratic Socialist Zohran Mamdani in Tuesday’s Democratic Primary Election for the next mayor of New York City, with nine other candidates polling far behind the two frontrunners. Polls closed at 9 p.m. and early first-round results lean heavily towards Mamdani.

The Board of Elections says results should be in by 10 p.m. — sort of. New Yorkers will actually only learn how each candidate performed in the first round of voting on Tuesday night.

4 minutes ago

Cuomo says he called Mamdani, tells supporters it's 'not our night' – but leaves door open for independent run

By Vaughn Golden

Andrew Cuomo told supporters on Tuesday it's "not our night" as early first-round results showed Zohran Mamdani with a commanding lead.

“Tonight was not our night, tonight, it was Assemblyman Mamdani’s night,” Cuomo said, adding he called Mamdani to congratulate him.

Andrew Cuomo speaks during his watch party on June 24, 2025.X / @VaughnEGolden

Cuomo also kept the door open to pursue an independent run.

“We’re going to take a look, we’re going to make some decisions," he said.

6 minutes ago

Andrew Cuomo shockingly concedes to Mamdani : 'He won. He deserves it'

By Craig McCarthy

Andrew Cuomo's comeback tour seemed to come to a screeching halt Tuesday night — with the apparently shell-shocked ex-gov issuing a stunning concession speech.

"I want to applaud the assemblyman for a really smart and good and impactful campaign, Cuomo said of Zohran Mamdani. "Tonight is his night.

"He deserved it. He won," Cuomo added in a unexpected concession from his watch party in Manhattan.

Cuomo also signaled that he may not be fully behind his independent bid in the November general election.

"The challenges we face are real and they deserve real consideration and I want to give some thought about the best way to help address them, the best way to help the party, but most of all, the best way to help the city," Cuomo said.

"That's what we'll be thinking about as we go forward. I'll be looking at that."

Cuomo added, "Again, I want to applaud the assemblyman for a really smart and good and impactful campaign"

https://nypost.com/2025/06/24/us-news/nyc-mayoral-primary-election-live-updates-results-reactions-from-races-across-the-city/

Russia Considers AI Data Centers As Collapsing Gas Sales Create Glut

 by Charles Kennedy via OilPrice.com,

Russia could use its excess natural gas to power AI data centers or crypto mining operations, Russian officials have said, as Moscow’s pipeline gas exports to Europe have collapsed and led to an oversupply at home.

Russian gas supply via pipelines to Europe has slumped since 2022, after Russia cut off many EU customers from its gas deliveries, and Nord Stream stopped supplying gas to Germany, after Russia reduced flows and after a sabotage in September 2022.

“Previously, half a billion cubic meters per day went through the gas pipelines to the West, but now it does not, and the question of what to do with this gas is very urgent,” Alexei Chekunkov, Minister for the Development of the Russian Far East and Arctic, said at a recent economic forum in St. Petersburg, as carried by Reuters.

Last month, Chekunkov said that excess gas could be used to power cryptocurrency mining.

“We have plenty of gas that was previously sold to Europe, but now lies unused underground. Please, set up power installations and start mining,” the minister was quoted as saying by the TASS news agency.

However, First Deputy Energy Minister Pavel Sorokin said at the St. Petersburg forum that Russia’s natural gas extraction is becoming more expensive and it wouldn’t be economically feasible to power data centers with gas. Rather, Russia should use coal for power to feed data centers, Sorokin added.

“We assume gas is cheap, but this isn't true. If we continue thinking this way, there will be no gas left anywhere. The Soviet legacy reserves are depleting, the same applies to oil, while new sources like Sakhalin and Kirinskoye involve very expensive gas,” Russian news agency Interfax quoted Sorokin as saying.

“We can build power plants at open-pit mines - yes, it's expensive now, but options exist - we immediately save $50-$60 in transport costs per tonne, save on electricity transmission, and free up gas supplies to develop fertilizers in the Far East, gas-intensive industries, or meet existing supply commitments,” he added.

https://www.zerohedge.com/energy/russia-considers-ai-data-centers-collapsing-gas-sales-create-glut

"Get Your F**king Members In Order": L.A. Official Urges Mexican Gangs To Mobilize v. ICE Agents

 A top far-left city official in southeast Los Angeles County is now under federal investigation after allegedly posting a video on social media calling on Mexican gangs to mobilize against ICE agents. If this isn't textbook insurrectionist behavior, it's hard to imagine what is.

Fox News reporter Bill Melugin broke the story on X late Tuesday afternoon. He stated that Cudahy Vice Mayor Cynthia Gonzalez is under investigation for urging 18th Street and Florencia 13 gang members to defend their territory against ICE, reportedly telling gang leaders to "get your f***ing members in order."

Here's the report from Melugin: 

EXCLUSIVE: Per federal sources, the vice mayor of Cudahy, a city in southeast L.A. County, is under FBI investigation after she allegedly posted a video to social media in which she appears to call for 18th Street & Florencia 13 gang members in L.A. to defend their territory from ICE, even urging gang leadership to "get your fucking members in order."

I'm told Cynthia Gonzalez posted the video late last week, then deleted it, and that the FBI later visited her home & she is under active federal investigation.

Gonzalez posted on her social media that the FBI came to her house, and she needs a lawyer.

FBI LA tells FOX they cannot confirm or deny an investigation, but that they condemn any call for gang violence.

We've reached out to Gonzalez via phone and email & are awaiting a response. No response yet from the city of Cudahy either. Will update as we get more.

Meanwhile, the city of Cudahy has posted links on social media, including X, for illegal aliens to call the "CHIRLA Rapid Response Hotline" amid ongoing local ICE raids. 

Last week, Peter Schweizer and Seamus Bruner released a nonprofit report on the rogue leftist NGOs likely responsible for anti-ICE riots across the L.A. area, highlighting CHIRLA as a key organization involved: 

During the L.A. riots, a prominent participant was a group called the "Coalition for Humane Immigrant Rights" (CHIRLA), which received money from Arabella but also millions in taxpayer money from both the federal government (under former President Joe Biden) and the city of Los Angeles, for "citizenship education." The group claimed its activities were under a separate "action" group that received no government funds.

Ongoing investigations indicate federal authorities—specifically the FBI—are actively tracing financial flows linked to far-left NGOs attempting to spark nationwide color revolutions against President Trump. Parallel to this, now a Democratic local official is allegedly calling for the mobilization of Mexican gang members against federal agents. This rhetoric suggests a possible escalation in domestic threats.

https://www.zerohedge.com/political/get-your-fking-members-order-la-official-calls-mexican-gangs-mobilize-against-ice-agents

Comer Subpoenas Dr. O’Connor Over Cover-Up Of Biden’s Mental Decline

 House Committee on Oversight and Government Reform Committee Chairman James Comer (R-Ky.) today issued a subpoena to Dr. Kevin O’Connor, President Joe Biden’s physician, to appear for a deposition on June 27, 2025, as part of the investigation into the cover-up of President Joe Biden’s cognitive decline and potentially unauthorized issuance of sweeping pardons and other executive actions. 

Chairman Comer recently requested Dr. O’Connor appear voluntarily for a transcribed interview, but he refused. Last Congress, Chairman Comer also requested Dr. O’Connor appear for a transcribed interview to discuss his medical assessments and involvement in the Biden family’s influence peddling racket, but the Biden White House blocked his testimony. 

“On May 22, 2025, the Committee on Oversight and Government Reform requested that you—because of your role as former Physician to the President for President Joe Biden— appear for a transcribed interview on June 25, 2025, broadly regarding ‘the circumstances surrounding your assessment in February 2024 that former President Biden was ‘a healthy, active, robust 81-year-old male, who remains fit to successfully execute the duties of the Presidency.’’ Among other subjects, the Committee expressed its interest in whether your financial relationship with the Biden family affected your assessment of former President Biden’s physical and mental fitness to fulfill his duties as President. Given your connections with the Biden family, the Committee sought to understand if you contributed to an effort to hide former President Biden’s fitness to serve from the American people. You refused the Committee’s request. However, to advance the Committee’s oversight and legislative responsibilities and interests, your testimony is critical. Accordingly, please see the attached subpoena for testimony at a deposition on June 27, 2025,” wrote Chairman Comer to Dr. O’Connor.

Read the subpoena cover letter to Dr. O’Connor here. 

https://oversight.house.gov/release/chairman-comer-subpoenas-dr-oconnor-over-cover-up-of-bidens-mental-decline/